Public Prosecution convicts 7 for over SAR 1 bln in money laundering

The Prosecution for Financial Fraud Crimes concluded investigations into a criminal organization consisting of six citizens and an expatriate of Arab nationality for involvement in money laundering. 

The citizens opened records for commercial entities and bank accounts for these entities, then handed them to the expatriate, who utilized them to accumulate undisclosed funds. These funds were deposited into the entity's accounts to legitimize them and subsequently transferred abroad. 

 The SAR 1.04 billion in money laundering was traced back to various regulation violations, according to a statement from the Public Prosecution. 

 The suspects were arrested and convicted with varying prison sentences, some up to 13 years, fines, cash confiscation, and seizure of crime-related assets. Simultaneously, the International Cooperation Prosecution initiated legal actions to trace the money and its recipients. 

The Public Prosecution reaffirmed its commitment to safeguarding commercial operations in the Kingdom and warned that anyone compromising economic security would face severe legal consequences. 

Source : Argaam